Nepal receives largest foreign investment in manufacturing from China
Nepal Hongshi Shivam Cement Company and the Investment Board Nepal (IBN) signed a project investment agreement in Katmandu on September 3.
The company, a joint venture of Hongshi Holding Co. of China and Nepal's Shivam Company, will realize Nepal's largest foreign direct investment in its manufacturing industry.
The signing agreement was witnessed by Nepal's Minister for Finance and Vice-Chairperson of IBN Gyanendra BahadurKarki, and Chinese Ambassador to Nepal Yu Hong.
IBN CEO Maha Prasad Adhikari said the investment will strengthen foreign investors' confidence with Nepal, therefore improving Nepal's attraction for foreign funds.
"It is the largest FDI in the manufacturing sector so far. This agreement makes a long lasting relation with the foreign investors and we hope to deliver exemplary results," added Adhikari.
Hongshi Shivam Cement Company will invest US$360 million in Lumbini to build a cement production line capable of producing 2.3 million tons of high-grade cement a year.
General Manager of Hongshi Shivam Cement Company Lai Weipeng said this is the first time that the Nepal government has signed a project investment agreement with a foreign enterprise, meaning that the foreign investor will receive national treatment.
Lai said the production line will come into operation in the first half of next year and Hongshi will ensure the project quality, safety and the environmental standards, bringing China's most advanced construction, production and management experience to Nepal.
Nepal consumes about 5.5 million tons of cement a year. And its annual cement output is about 3 million tons.
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